Steel Industries have proposed exemption of customs duty on roasted Molybdenum Concentrate, Ferro Molybdenum and Ferro Nickel Molybdenum and zero customs duty on Steel, Stainless-Steel Scrap coking coal and PCI coal.
The Directorate General of Trade Remedies (DGTR) has recommended the reinstatement of customs duty on imports of ferro-molybdenum from South Korea for a duration of two years, reported Financial Express.
Under the pact, India has given customs duties concession on this product.The applicants had claimed that the import of the product has increased in absolute terms and in relation to the production and consumption in India.There was a sudden, sharp and significant increase in imports between 2018-19 and 2021-22.The finance ministry will take the final call to increase the duty.The duty helps in providing a level-playing field to the domestic industry in terms of pricing of the chemical in the domestic market.